开云集团因债务压力推迟全面收购Valentino，暂缓扩张步伐。与此同时，品牌焕新与全球布局持续加 速：Dior正处转型关键期，任命全球男女装公关总监与重组人事强化设计团队；安踏集团宣布东南 亚"千店计划"，加速全球化进程；江南布衣、Golden Goose等凭借多品牌与DTC策略实现稳健增长。 1.Dior扩充设计团队 法国奢侈品牌Dior正在加码设计团队建设，以支持创意总监Jonathan Anderson，品牌近日宣布两项重要 任命，曾任路易威登女装成衣总Michela Kalb将全面负责Dior的高级定制、女装与男装成衣、女装鞋履 等系列，来自比利时的年轻设计师Igor Dieryck将出任Dior男装设计师，他于2022年毕业后便凭借才华斩 获多项奖项，曾在爱马仕担任男装成衣初级设计师，并为眼镜品牌Komono打造过胶囊系列。 上周时尚圈依旧喜忧参半。阿玛尼的遗嘱公布再度引发举世关注，其动向与阿玛尼生前贯穿始终的独立 坚守大相径庭。行业噩耗再传，宝格丽前CEO Francesco Trapani离世，其以资本重塑珠宝格局的深远影 响仍被铭记。 此举凸显Dior对Anderson创意愿景的重视与支持， ...

Core Viewpoint - XINWANDA has submitted an application for a secondary listing on the Hong Kong Stock Exchange, aiming to expand its capital base and enhance its market presence in the competitive battery industry [1] Group 1: Business Performance - XINWANDA has shifted focus from consumer batteries to the power and energy storage battery markets, seeking to capture market share amid intense competition [2] - Revenue is projected to grow from 47.862 billion yuan in 2023 to 56.021 billion yuan in 2024, a 17.0% increase, primarily driven by sales growth from domestic and international markets, although this is partially offset by declining average selling prices due to raw material price drops [3] - The revenue breakdown for 2024 shows that consumer batteries account for 54.27%, electric vehicle batteries for 27.02%, and energy storage systems for 3.37%, with other businesses making up 15.33% [3] - Despite increasing revenue from power batteries, profitability remains a challenge, with the gross margin for power batteries at 8.8%, the lowest among the three main business segments [3][4] Group 2: Financial Challenges - XINWANDA's net profit margin has been below 1% for the past two years, indicating significant pressure on profitability [4] - The unit price of power batteries has decreased significantly from 1.1 yuan/Wh in 2022 to 0.5 yuan/Wh in the first quarter of 2025, reflecting a trend of "price for volume" strategy [4] - The company has faced financial strain due to continuous capital investments without sufficient cash flow, leading to a situation where cash on hand is less than interest-bearing liabilities [7] Group 3: Financing Activities - XINWANDA has engaged in multiple rounds of financing since 2018 to support its lithium battery expansion, including two private placements raising 25.5 billion yuan and 39.2 billion yuan, respectively [6] - A planned 4.8 billion yuan private placement was withdrawn in August 2023, indicating potential regulatory challenges [6] - The company is also pursuing a spin-off of its subsidiary, XINWANDA Power Technology, for a separate listing, although current financial conditions may hinder this process [7] Group 4: Global Expansion Strategy - The funds raised from the Hong Kong listing will be directed towards global expansion, technology development, digital operations, and potential acquisitions [8] - XINWANDA plans to invest up to 2 billion yuan in a production base in Vietnam, expected to begin trial production in 2026, to enhance supply chain efficiency and cost competitiveness [8][9] - As of March 31, 2025, XINWANDA has established or is constructing 25 production bases, with six located overseas in countries such as India, Vietnam, Thailand, and Hungary [9]

据悉，小鹏汽车首个欧洲本地化生产项目于2025年第三季度在奥地利格拉茨麦格纳工厂正式启动，首批 小鹏G6与小鹏G9顺利量产下线。未来，该工厂还将投产更多小鹏车型。 小鹏汽车自2021年以挪威为起点进入欧洲市场以来，全球化版图持续扩张，目前已覆盖全球超46个国家 和地区。2025年1—7月，小鹏汽车海外销量达18,701辆，同比激增217%。 小鹏汽车成欧洲中高端纯电汽车中国品牌销量第一。上半年，小鹏汽车欧洲注册量超过8000辆，其中， 小鹏G6作为主力车型，贡献了欧洲销量的67%。同时，全球首款AI汽车小鹏P7+也即将登陆欧洲。 小鹏汽车在欧洲市场获得认可，统计显示，净推荐值（NPS）高达81%，超越了多个传统豪华品牌。此 次与麦格纳工厂合作，2025年第三季度启动小鹏G6和小鹏G9量产工作。 业内认为，通过本地化生产，小鹏汽车进一步提升产品在欧洲市场的竞争力，为扩大市份额奠定基础。 除了与麦格纳深度合作，小鹏汽车还在欧洲完成了从研发到批量生产的全价值链布局，为全球化战略迈 出关键一步。 近日，小鹏汽车德国慕尼黑研发中心作为其在欧洲的首个研发中心，已正式启用。该研发中心以 "In Europe, With E ...

Core Viewpoint - Anta Sports is focusing on expanding its presence in Southeast Asia as part of its global strategy, aiming to open 1,000 stores in the region over the next three years [2][3]. Group 1: Financial Performance - Anta Sports' revenue has significantly increased over the past four years, with figures of 355.12 billion, 493.28 billion, 536.51 billion, 623.56 billion, and 708.3 billion from 2020 to 2024 [6]. - In the first half of 2025, Anta reported a revenue increase of 14.3% year-on-year, reaching 385.4 billion, marking a historical high [7]. - The company is projected to exceed 800 billion in revenue for the first time in 2025, achieving a continuous annual increase of over 100 billion for five consecutive years [8]. Group 2: Global Expansion Strategy - Anta is establishing its Southeast Asia headquarters in Singapore, using it as a strategic hub to enhance market advantages and expand into South Asia, Australia, and New Zealand [3]. - The company is employing a Direct-to-Consumer (DTC) approach and a multi-brand, omni-channel strategy to connect online and offline sales [3][4]. - Anta has successfully entered various Southeast Asian markets, including Singapore, Malaysia, Vietnam, the Philippines, Thailand, Brunei, and Nepal [6]. Group 3: Brand Development and Partnerships - Anta has formed a joint venture with the Korean fashion platform MUSINSA to operate in the Chinese mainland, Hong Kong, and Macau, with Anta holding a 40% stake [5]. - The acquisition of outdoor brand Jack Wolfskin for 2.164 billion enhances Anta's brand portfolio, extending its outdoor product line from high-end to mass-market [10]. - Anta's overseas revenue increased by over 150% in the first half of 2025, driven by growth in Southeast Asia and new business launches in the U.S. and the Middle East [10].

Core Viewpoint - Chao Hong Ji (潮宏基) has submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international competitiveness [1][2] Group 1: Financial Performance - The company projects a compound annual growth rate (CAGR) of 21.6% for total revenue from 2022 to 2024, with total revenue of 4.062 billion yuan in the first half of 2025, representing a year-on-year growth of 19.6% [1] - For the first half of 2025, the company reported a net profit of 331 million yuan, reflecting a year-on-year increase of 44.34% [2] - The company plans to distribute a dividend of 1 yuan per 10 shares (including tax) [2] Group 2: Market Position and Strategy - Chao Hong Ji ranks ninth in the jewelry market with a market share of 0.8%, while the top five companies hold a combined market share of 31.8% [1] - The company leads in specific segments such as gold string beads and fashion jewelry, with a market share of 1.4% in the fashion jewelry market [1] - The company aims to expand its overseas business, planning to open 20 self-operated stores abroad by the end of 2028 and establish a headquarters in Hong Kong [2] Group 3: Operational Highlights - As of June 30, 2025, the company operates 1,542 jewelry stores, with 202 self-operated and 1,337 franchised stores, maintaining a balanced presence in first-tier and new first-tier cities [1] - The company has seen a 70.64% year-on-year increase in net profit from its online sales subsidiary, Guangdong Chao Hui Network Technology Co., Ltd., due to effective adjustments in third-party online platforms [2] - The company is focusing on enhancing its franchise channel and overseas market layout to improve single-store operational efficiency [2]

Core Viewpoint - The company,潮宏基, is advancing its A+H share listing process in Hong Kong, aiming to enhance its global strategy and international competitiveness through an IPO, with a focus on overseas expansion and establishing a strong retail presence in international markets [1][2]. Group 1: Financial Performance - The company projects a compound annual growth rate (CAGR) of 21.6% in total revenue from 2022 to 2024, with total revenue expected to reach 4.062 billion yuan in the first half of 2025, representing a year-on-year growth of 19.6% [1]. - For the first half of 2025, the company anticipates a profit of 330 million yuan, with a year-on-year increase of 44.34% [2]. - The company reported a revenue of 4.102 billion yuan for the first half of 2025, reflecting a year-on-year growth of 19.54% [2]. Group 2: Market Position and Strategy - The jewelry industry in China is characterized by low concentration, with the top five companies holding a market share of 31.8%, while潮宏基 ranks ninth with a market share of 0.8% [1]. -潮宏基 leads in specific segments such as gold string beads and fashion jewelry, holding the top position in the fashion jewelry market with a market share of 1.4% [1]. - The company aims to open 20 self-operated stores overseas by the end of 2028 and establish an overseas headquarters in Hong Kong, as part of its global expansion strategy [2]. Group 3: Operational Developments - The company is focusing on enhancing its main brand, expanding its multi-brand strategy, and implementing an omnichannel marketing approach, which has led to improved operational performance [3]. -潮宏基 has successfully opened two stores in Cambodia's key commercial areas, further expanding its overseas retail network [3]. - The company’s online sales subsidiary reported a net profit increase of 70.64% during the reporting period, indicating effective adjustments in its online sales strategy [3].

在近日举办的第三届亚洲愿景论坛上，安踏体育用品有限公司（以下简称"安踏集团"）副总裁、安踏集 团东南亚区域董事长兼总裁王华友表示，真正的全球化，是在坚持品牌基因的前提下，实现每个市场的 本地化。"我们要将品牌优势和优质服务带给当地消费者，有信心未来三年在东南亚市场拥有1000家安 踏品牌的门店，实现千店计划。" 记者从安踏集团方面了解到，目前集团正全力推进全球化战略。其中，把东南亚总部设在新加坡，以该 区域为"桥头堡"强化市场优势，并逐步向南亚、澳大利亚及新西兰等周边市场扩展。在此过程中，集团 通过直面消费者（DTC）的方式，通过"单平台、多品牌、全渠道"模式，运营安踏、斐乐、迪桑特、萨 洛蒙、威尔胜等多个品牌，实现线上线下全渠道链接，并为每个品牌构建完整的销售生态。 在东南亚市场中，安踏集团积极发挥体育资源优势，联合本地体育组织举办赛事，推动体育事业发展， 聘用大量本地人才，创造就业机会。例如，新加坡总部已创造400多个本地岗位，本地员工占比近八 成。 同时，集团还在当地投资数字化、物流等基础建设，以"品牌+零售"的商业模式及直营门店模式获得消 费者关注度，通过全球化资源整合和物流体系搭建提高整体运营效率， ...

Core Viewpoint - Huakin Technology has emerged as a hidden champion in the original design manufacturing (ODM) sector, playing a crucial role in the design and manufacturing of smart electronic devices for major tech companies like Google and Samsung [2][3]. Company Development - Founded in 2005, Huakin Technology started with a team of 30, focusing on mobile phone design for domestic brands. By 2013, it transitioned from an IDH model to an ODM model, entering the international supply chain with tablet production [4]. - In 2023, Huakin became the first domestic company to mass-produce AI servers, showcasing its full-process design and manufacturing capabilities [4]. - The company has developed a "3+N+3" global smart product platform, expanding from single-category to multi-category offerings, including smartphones, laptops, and servers, while targeting emerging sectors like robotics and automotive electronics [4]. R&D Investment - Huakin Technology boasts a research and development team of over 16,000, with R&D expenses projected to grow from 2.431 billion yuan in 2020 to 5.156 billion yuan by 2024, reflecting a compound annual growth rate of over 20% [5]. - The company's revenue has nearly doubled over five years, increasing from 35.3 billion yuan to 110 billion yuan. In the first half of 2025, revenue reached 83.94 billion yuan, a year-on-year increase of 113.1% [5]. Quality Management - Huakin has implemented a series of quality management initiatives, including an integrated product development system (IPD) and a comprehensive quality management model, to ensure high-quality production [6][7]. - The company has received accolades for its quality, including the "2025 Perfect Quality" award from Lenovo, highlighting its commitment to zero-defect delivery [7]. Global Expansion Strategy - Huakin Technology has established a dual supply system, with a focus on global manufacturing and R&D centers in locations like Shanghai and overseas in Vietnam, Mexico, and India [8][9]. - The company aims for a production capacity distribution of 40% in domestic centers and 20% in overseas bases, with significant progress in mass production in Vietnam and India [8]. Future Outlook - Huakin plans to enhance its manufacturing efficiency through automation, digitalization, and lean management, while strengthening collaboration with local suppliers to improve supply chain resilience [10].

Core Insights - Anta Sports (02020) announced its goal to implement a thousand-store plan for the Anta brand in Southeast Asia over the next three years during the third Asian Vision Forum held in Singapore [1] - The company's Southeast Asia business revenue is expected to nearly double year-on-year by the first half of 2025, demonstrating the effectiveness of its high-value products, localization, and digital strategies [1] - Anta's "brand + retail" business model has successfully expanded overseas, validated by the operations of other brands like Fila and Descente in Southeast Asia, showcasing the success of its "single platform, multi-brand, all-channel" strategy [1] Business Strategy - Anta has established its Southeast Asia headquarters in Singapore, using it as a strategic hub to strengthen its market position and gradually expand into South Asia, Australia, and New Zealand [1] - The company operates multiple brands under the Amer Sports Group through a "single platform, multi-brand, all-channel" model, creating a seamless online and offline sales ecosystem for each brand [1] - Anta adheres to a strategy of "global thinking, local execution," actively exploring replicable overseas expansion models and development paths [1] Financial Performance - By the first half of 2025, Anta's Southeast Asia revenue is projected to nearly double year-on-year, with the addition of new offline business in the U.S. and the Middle East contributing to an overall overseas revenue growth of over 150% [1] - The global market share outside of China for Anta and Amer Sports Group is nearly 30% [1]

2025年上半年，安踏品牌东南亚流水同比增长接近翻倍，新增美国线下业务和中东业务，共同拉动海外 业务流水同比增长超过150%。安踏加亚玛芬集团，其中国以外的全球市场占比近30%。 智通财经APP获悉，9月11日，安踏体育(02020)出席在新加坡举行的第三届亚洲愿景论坛，分享其全球 化战略在东南亚市场的最新进展与成功实践，宣布未来三年目标是实现安踏品牌在东南亚的千店计划。 2025年上半年，安踏品牌东南亚业务流水同比增长接近翻倍，其高价值商品、本地化和数字化策略初见 成效，不仅成功实现"品牌+零售"的商业模式出海，通过斐乐、迪桑特等其他品牌的东南亚运营，更是 验证了安踏集团"单平台、多品牌、全渠道"出海东南亚战略的成功落地。 目前，安踏把东南亚总部设在新加坡，以东南亚为桥头堡来不断强化市场优势地位，并逐步拓展至南 亚、澳大利亚及新西兰等周边市场，通过"单平台、多品牌、全渠道"模式，运营安踏集团与亚玛芬集团 旗下多个品牌，实现线上线下全渠道无缝链接，为每个品牌构建完整的销售生态。在东南亚市场，安踏 坚持"全球化思维、本土化执行"的策略，积极探索可复制的出海模式与发展路径。 ...